IFC invests 52 million USD in producing porks in Vietnam

Sunday, 15/05/2022 09:32
The International Finance Corporation (IFC) and the Emerging Asia Fund has signed an investment cooperation agreement worth 52 million USD in the form of common shares with Mavin Group to develop high-quality breeding pigs and expand pig production capacity in Vietnam.

The signing ceremony. (Photo: tienphong.vn)

Mr. Daryll Dong, acting Country Director of IFC in Vietnam, Cambodia and Laos, said that the IFC’s investment is part of efforts to restore livestock production after African swine fever (ASF) in Vietnam; while strengthening the resilience of the pig industry in Vietnam by promoting chain production that meets biosecurity standards and increasing the capacity of producing clean pork.

Mr. David John Whitehead, Chairman of the Board of Directors of Mavin Group, said that with the investment of IFC, the group will develop 3 pig farms including: a 62-hectare farm in K'Bang district in the Central Highlands province of Gia Lai, a 100-hectare farm in Anh Son district in the central province of Nghe An; and a 45-hectare farm in Cao Lanh district in the Mekong Delta province of Dong Thap.

With the support of IFC, by 2025, the group is expected to increase its breeding pigs by 7,500 great-grandparents (GGP) and grandparent (GP) pigs, reaching 15,600 in total, by 72,000 Parent Stocks (PS) pigs, reaching 87,400 in total.

With this skyrocketing number of breeding pigs, the scale of commercial pig farms will increase by three times to about 150 farms, increasing Mavin’s supply capacity to the market to about 900,000 pigs per year.

Speaking at the signing ceremony, Deputy Minister of Agriculture and Rural Development Phung Duc Tien said that the livestock industry in Vietnam is luring increasing investment from domestic and FDI businesses, especially high-tech agriculture, including livestock.

He said that if Vietnam’s agriculture can attract the whole ecosystem from FDI enterprises to farms, cooperatives and farmers to invest in the livestock industry, it not only meets the needs of 98 million people, but also serve exports; creating jobs for workers, realizing the livestock strategy, and ensuring the sustainability of the economy./.